“Central Bank” cancels a “Dynamx for insurance brokers” license

The United Arab Emirates Central Bank canceled the license of the Dynamx Company for insurance brokers, in accordance with the provisions of Article 22 (2) of the Board Decision No. 15 of 2013 regarding the insurance mediation system.

This punishment comes as a result of the inspections conducted by the Central Bank, which revealed the lack of commitment to the Dynamx company to the insurance mediation with the conditions and requirements of licenses issued by the central bank and the additional requirements stipulated in the system.

The Central Bank, through its supervisory and regulatory tasks, works to ensure the commitment of all insurance companies and professions related to insurance for laws in force in the UAE and the regulations and standards approved by it in order to preserve the transparency and integrity of the insurance sector and protect the state’s financial system.